Holding(s) in Company

For filings with the FSA include the annex
For filings with issuer exclude the annex
 
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
 
1. Identity of the issuer or the underlying issuer     Fidelity Special Values PLC
of existing shares to which voting rights are
attached: ii

2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights                                     X
An acquisition or disposal of qualifying financial instruments which may
result in the acquisition of shares already issued to which voting rights
are attached
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
An event changing the breakdown of voting rights
Other (please
specify):

3. Full name of person(s) subject to     FIL Limited
the
notification obligation: iii

4. Full name of shareholder(s)           See attached schedule
(if different from 3.):iv

5. Date of the transaction and date on   16 September 2011
which the threshold is crossed or
reached: v

6. Date on which issuer notified:        20 September 2011

7. Threshold(s) that is/are crossed or   34%
reached: vi, vii
 
8. Notified details:

A: Voting rights attached to shares viii, ix
Class/type of    Situation previous                  Resulting situation after the triggering transaction
shares           to the triggering
                 transaction
if possible
using
the ISIN CODE
                 Number           Number             Number            Number of voting       % of voting rights
                 of               of                 of shares         rights                 x
                 Shares           Voting
                                  Rights
                       Indirect          Direct xi   Indirect    Direct           Indirect
                                                     xii
GB0003325106     19,205,275       19,205,275         19,201,419                   19,201,419                33.99
 
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial           Expiration   Exercise/                          Number of voting            % of voting
instrument                  date xiii    Conversion Period xiv              rights that may be          rights
                                                                            acquired if the
                                                                            instrument is
                                                                            exercised/ converted.
 
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial      Exercise   Expiration    Exercise/              Number of voting rights      % of voting
instrument             price      date xvii     Conversion period      instrument refers to         rights xix, xx
                                                xviii
                                                                                                    Nominal     Delta
 
Total (A+B+C)
Number of voting rights                                          Percentage of voting rights
19,201,419                                                       33.99
 
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
 
See attached schedule
 

Proxy Voting:
10. Name of the proxy holder:                           FIL Limited

11. Number of voting rights proxy holder will cease to
hold:                                                   3,856

12. Date on which proxy holder will cease to hold       16 September 2011
voting rights:
 
13. Additional information:                FIL Limited is restricted to voting
                                           29.9% of the issued share capital
                                           (formula as provided by the Takeover
                                           Panel)
 
14. Contact name:                          Magna Abrunhosa

15. Contact telephone number:              [e-mail] 01737 836241
 
B: Identity of the notifier, if applicable
Full name                                        Rebecca Burtonwood For and on behalf of
 
                                                           FIL Investments International
Contact address                                   Kingswood Place, Millfield Lane, Lower
                                                    Kingswood, Tadworth, Surrey KT20 6RB
 
Phone number & email                                                        01737 836869
 
Other useful information
 
(e.g. functional relationship with the
person or legal entity subject to the
notification obligation)
 
C: Additional information

Issuer name: FIDELITY SPECIAL VALUES PLC
 
Current ownership percentage: 33.99%
 
Total shares held: 19,201,419
 
Issued share capital: 56,478,896
 
FIL Limited (FIL) is the parent holding company for various direct and indirect
subsidiaries, including FIL Fund Management Limited (FFML), FIL Investment Services
(UK) Ltd (FISL), FIL Gestion (FIGEST), FIL Asset Management (Korea) Limited (FIAKL),
FIL Investments Management (Hong Kong) Limited (FIMHK), FIL Pensions Management (FPM),
Fidelity Investments Japan (FIJ) and FIL Investments International (FII), investment
managers for various non-US investment companies and institutional clients.
 
JP Morgan Bournemouth 551,322 (indirect) (management company FIL)
 
FIL Nominee (Shareholdings) Ltd GENPEP 12,567,458 shares (indirect) (management company
FIL)
 
Puddledock Nominees Limited 6,082,639 shares (indirect) (management company FIL)

i This form is to be sent to the issuer or underlying issuer and to
be filed with the competent authority.

ii Either the full name of the legal entity or another method for
identifying the issuer or underlying issuer provided it is reliable and
accurate.

iii This should be the full name of (a) the shareholder; (b) the
person acquiring, disposing of or exercising voting rights in the cases
provided for in DTR5.2.1 (b) to (h); (c) all the parties to the agreement
referred to in DTR5.2.1 (a), or (d) the direct or indirect holder of financial
instruments entitled to acquire shares already issued to which voting rights
are attached, or the direct or indirect holder of financial instruments having
a similar economic effect to qualifying financial instruments, as appropriate.

In relation to the transactions referred to in points DTR5.2.1 (b)
to (h), the following list is provided as indication of the persons who should
be mentioned:

- in the circumstances foreseen in DTR5.2.1 (b), the person that
acquires the voting rights and is entitled to exercise them under the
agreement and the natural person or legal entity who is transferring
temporarily for consideration the voting rights;

- in the circumstances foreseen in DTR 5.2.1 (c), the person
holding the collateral, provided the person or entity controls the voting
rights and declares its intention of exercising them, and person lodging the
collateral under these conditions;

- in the circumstances foreseen in DTR5.2.1(d), the person who has
a life interest in shares if that person is entitled to exercise the voting
rights attached to the shares and the person who is disposing of the voting
rights when the life interest is created;

- in the circumstances foreseen in DTR5.2.1 (e), the parent
undertaking and, provided it has a notification duty at an individual level
under DTR 5.1, under DTR5.2.1 (a) to (d) or under a combination of any of
those situations, the controlled undertaking;

- in the circumstances foreseen in DTR5.2.1 (f), the deposit taker
of the shares, if he can exercise the voting rights attached to the shares
deposited with him at his discretion, and the depositor of the shares allowing
the deposit taker to exercise the voting rights at his discretion;

- in the circumstances foreseen in DTR5.2.1 (g), the person that
controls the voting rights;

- in the circumstances foreseen in DTR5.2.1 (h), the proxy holder,
if he can exercise the voting rights at his discretion, and the shareholder
who has given his proxy to the proxy holder allowing the latter to exercise
the voting rights at his discretion.

iv Applicable in the cases provided for in DTR 5.2.1 (b) to (h).
This should be the full name of the shareholder or holder of financial
instruments who is the counterparty to the natural person or legal entity
referred to in DTR5.2.

v The date of the transaction should normally be, in the case of an
on exchange transaction, the date on which the matching of orders occurs; in
the case of an off exchange transaction, the date of entering into an
agreement.

The date on which a threshold is crossed should normally be the
date on which the acquisition, disposal or possibility to exercise voting
rights takes effect (see DTR 5.1.1R (3)). For passive crossings, the date when
the corporate event took effect.

In the case of financial instruments with a similar economic effect
to qualifying financial instruments, the date on which a threshold is reached
or crossed is the date of entering into the agreement. In the case of reaching
or crossing a threshold passively as a result of a change in a delta adjusted
holding or due to a change in the total voting rights of the issuer, the date
should be that when the delta adjustment occurs or the total voting rights
change rather than the date at which the agreement was entered into.

vi Please refer to the situation disclosed in the previous
notification, In case the situation prior to the triggering transaction was
below 3%, please state `below 3%'.

vii If the holding has fallen below the minimum threshold, the
notifying party should not be obliged to disclose the extent of the holding,
only that the new holding is less than 3%.

viii Direct and Indirect

ix In case of combined holdings of shares with voting rights
attached `direct holding' and voting rights `indirect holdings', please split
the voting rights number and percentage into the direct and indirect
columns-if there is no combined holdings, please leave the relevant box blank.

x If the holding has fallen below the minimum threshold, the
notifying party should not be obliged to disclose the extent of the holding,
only that the new holding is below 3%.

xi Voting rights attached to shares in respect of which the
notifying party is a direct shareholder (DTR 5.1)

xii Voting rights held by the notifying party as an indirect
shareholder (DTR 5.2.1)

xiii date of maturity / expiration of the financial instrument i.e.
the date when the right to acquire shares ends.

xiv If the financial instrument has such a period-please specify
the period- for example once every three months starting from the [date]

xv In case of notifying the aggregate of all voting rights deemed
to be held as a result of holdings of instruments having a similar economic
effect to (but not including) qualifying instruments on a nominal basis,
please also provide the exercise price and either expiration date, or
conversion period. If notifying on a nominal basis there is no requirement to
then provide the delta-adjusted figures as well.

xvi In case of notifying the aggregate of all voting rights deemed
to be held as a result of holdings of instruments having a similar economic
effect to (but not including) qualifying instruments on a delta-adjusted
basis, please provide the expiration date/conversion period as appropriate.

xvii expiration date of the financial instrument with a similar
economic effect to a qualifying financial instrument i.e. the date when the
instrument is due to be settled.

xviii If the financial instrument has a conversion/settlement
period-please specify the period- for example once every three months starting
from the [date]

xix Nominal and delta-adjusted basis (transitional period to run
until 31 December 2009)

xx If the holding has fallen below the minimum threshold, the
notifying party should not be obliged to disclose the extent of the holding,
only that the new holding is below 3%.

xxi The notification should include the name(s) of the controlled
undertakings through which the voting rights are held. The notification should
also include the amount of voting rights and the percentage held, or deemed to
be held, by each controlled undertaking, insofar as individually the
controlled undertaking holds 3% or more, and insofar as the notification by
the parent undertaking is intended to cover the notification obligations of
the controlled undertaking.

xxii This annex is only to be filed with the competent authority.